Hi friends, The cryptocurrency market has had a wild ride thus far in 2021 as multiple sub-sectors including decentralized finance (DeFi), nonfungible tokens (NFTs), memecoins and layer-two solutions have seen their total value locked and token prices skyrocket to new highs.One of the biggest success stories of the year was Dogecoin (DOGE), a simple “joke” cryptocurrency that has morphed into a darling of the cryptocurrency sector. Interestingly, over the past month, the project is again gaining momentum, and several data points suggest sentiment for the DOGE is becoming increasingly bullish.Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.159 on July 20, the price of DOGE has rallied 120% to reach an intraday high of $0.35 on Aug. 16 as its 24-hour trading volume jumped by 63% to $8.6 billion.Three reasons analysts and traders are developing a more bullish outlook for DOGE include increases in on-chain activity, rising trading volumes on top exchanges and an increase in attention from big-name influencers. On-chain activity shows increased use.The ability to attract new tokenholders is one of the most important factors for the long-term viability of a cryptocurrency project because new users help to increase token velocity and overall demand.
